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FHA Section 203(k) "Streamlined (K)" Limited Repair Program by imortgage
Lender: FHA Section 203(k) "Streamlined (K)" Limited Repair Program by imortgage
Verified by Lender on: 9/21/2016
The data provided is for informational purposes only. For actual loan terms specific to borrowers, contact the lender directly.
Property Types
Sponsor:
Financing Type
Financing & Payment Information
Rate (APR):
Market Rate
Term (years):
years
Minimum Amount:
$0
Maximum Amount:
N/A
Fees:
One-time fees
Down Pmt. Required:
No
Re-pmt. Method:
Unknown
Pmt Frequency:
Pre-pmt Penalty:
No
Allowable Projects
Other Program Requirements
Financing Approval Time
Equity in Property Needed
No

Other Variations of this product

FHA Section 203(k) "Streamlined (K)" Limited Repair Program by imortgage

Property Types
Sponsor
Financing Type Secured loanSecured loan
Term (years) 15,  30 year(s) year(s)
Rate (APR) Market RateMarket Rate
Min. Amount $5,000$5,000
Max. Amount $35,000$35,000
One-time Fees VariesNo
Ongoing Fees NoNo
Description The Federal Housing Administration's (FHA's) Streamlined 203(K) program helps homeowners finance up to an additional $35,000 to repair, improve or upgrade their home as part of an FHA-insured home purchase or refinance mortgage. Upgrades can include energy upgrades and renovations that do not require structural engineering. The actual mortgage loan is provided through an FHA-approved lender, such as imortgage, and the FHA provides mortgage insurance to reduce the risk of the additional project cost to the lender. A Streamlined K may be paired with an Energy Efficient Mortgage in some cases in order to get additional funding for improvements. As with any typical mortgage, the Streamlined K can be structured in many different ways that may include closing costs, fees or points.The Federal Housing Administration's (FHA's) Streamlined 203(K) program helps homeowners finance up to an additional $35,000 to repair, improve or upgrade their home as part of an FHA-insured home purchase or refinance mortgage. Upgrades can include energy upgrades and renovations that do not require structural engineering. The actual mortgage loan is provided through an FHA-approved lender, such as imortgage, and the FHA provides mortgage insurance to reduce the risk of the additional project cost to the lender. A Streamlined K may be paired with an Energy Efficient Mortgage in some cases in order to get additional funding for improvements. As with any typical mortgage, the Streamlined K can be structured in many different ways that may include closing costs, fees or points.